The concept of responsible business received new meaning and an international footprint relatively late. The issue of sustainability can find its way into state policies, business practice, human behavior and everyday life. It raises truly global problems of climate change risks, moves towards green energy, safe environment alongside regulations and policies — recycling technologies, alternatives to plastics, sustainable consumption of goods.

Sustainability-Related Disclosures in Ukraine: What Businesses Should Expect Soon

by Stepanyda Badovska

On 25 November 2021, the National Bank of Ukraine (NBU) presented the Sustainable Finance Development Policy 2025, which unveiled regulatory targets to be implemented in the Ukrainian financial services market in line with best international practices and standards regarding environmental, social and governance (ESG) regulatory frameworks.

Stepanyda Badovska is an associate at Baker McKenzie-Kyiv

Three Steps Towards Incorporation of Sustainable Development Goals into National Legislation

by Vladislava Magaletska

A landmark event took place in September 2015, with the UN Summit approving 17 Sustainable Development Goals, including: attaining food security, improving nutrition and promoting sustainable agricultural development; ensuring a healthy lifestyle and promoting well-being for everybody in all ages; ensuring accessibility and sustainable management of water resources and sanitation, ensuring openness, safety, viability and environmental sustainability of settlements, etc.

Vladislava Magaletska is a head of State Service of Ukraine on Food Safety and Consumer Protection

Class Actions as Efficient Judiciary Practice: Legislative Initiatives

by Borys Malyshev

In 2017, new procedural codes were passed in Ukraine. They significantly simplified the administration of justice. However, legislators did not take into account one of the best practices of world justice — the institution of collective claims (by multiple parties, a group, or representatives) known as a class action.

Borys Malyshev is an expert in Public Law and Human Rights, Doctor of Laws

The Role of Environmental NGOs in Shaping the Sustainable Development System

by Oleh Vernyk

In recent years we have perceived the concept of sustainable development as a general concept of the need to find a balance between meeting the current needs of people and protecting the interests of future generations, including their need for safe and healthy environment. The Ukraine — EU Association Agreement (effective since 1 September, 2017) significantly accelerated the process of substantive comprehension and full acceptance of the concept of sustainable development by all components of the extensive Ukrainian state and political machinery. However, it seems extremely important that the conceptual implementation of the sustainable development strategy actively involves not only structures of the young Ukrainian statehood, but also a wide range of public sector representatives.

Oleh Vernyk is a public activist, Chairman of the NGO Vasylkiv Catastrophe Mitigation Fund, Chairman of the Board of the NGO Green Fund. Mitigation of Humanitarian and Environmental Catastrophes

Ensuring Safety and Environmental Sustainability of Settlements

by Dmytro Mormul

The Decree of the President of Ukraine of 30 September 2019 No 722/2019 supported the Resolution of the United Nations General Assembly of 25 September 2015, No 70/1 Transforming our World: the 2030 Agenda for Sustainable Development and the results of its adaptation in line with the specifics of Ukraine as provided in the National Report “Sustainable Development Goals: Ukraine”, in order to ensure compliance with the Ukraine’s Sustainable Development Goals through 2030.

Dmytro Mormul is a head of Association of Environmental Impact Assessment Companies

Deals

Sayenko Kharenko advised on disposal of Ukrainian lithium projects to European Lithium Limited

Asters advised Vitol on sale of 50% stake in Geo-Alliance Oil-Gas Public Limited

CMS advised NAFTA International B.V.

Sayenko Kharenko advised EBRD on EUR 10 million equivalent loan to Bank Lviv

Cases

Supreme Court did not legitimize rail operator’s USD 196 million debt to VR Global Partners

Detailed information on claim filed by Chinese investors in Motor Sich case

Belgian green energy producer appealed to arbitration against Ukraine

EU court revoked decision to impose EUR 1 billion fine on Intel

Draft

Verkhovna Rada adopted tax privileges for industrial parks in first reading

Parliament to consider draft law on economic passport

Law digest

Zelensky signed “resource” draft law No. 5600 

President signed law on machine-building localization

Verkhovna Rada adopted framework law on financial services

Limit for duty-free parcel delivery increased to EUR 150

Biznews

Infrastructure

Concession of Kherson Seaport completed 

Banking & Finance

World Bank granted Ukraine EUR 300 million loan

Bolt raised EUR 628 million in investment

Gates Fund to invest USD 15 billion in green technologies

International Monitoring

World Bank downgraded its global economic growth forecast for 2022

Tax

Google Tax: Apple raises prices on App Store by 20%

M&A and Expansions

Microsoft to acquire gaming giant Activision Blizzard for USD 70 billion 

Big Ukrainian IT company to enter Latin American market

Relevant Mechanism

In the Western world large corporations and businesses often face multi-million exposure of class action issues. In Ukraine there are many events that can give rise to such lawsuits, but the first precedent has been set only recently. We talked to the ideologist behind the use of the class action mechanism in Ukraine, Pavlo Kuftyryev, managing partner of Greco Law Company. Its scope is relevant not only for the environmental field but is worth precise consideration in consumer protection, financial services, antitrust, employment.

The Corporate Governance Hockey Challenges

by Taras Dumych

It was John Milton, the famous evil character of the Devil’s Advocate movie who responded to the question “Why lawyers, why the law?” with “Because the law puts us into everything”. As it appears now, the same quote can be used when referring to corporate governance.

Taras Dumych is a partner at Wolf Theiss

Practical Aspects of Class Action as an Efficient Mechanism of Sustainable Development

by Artemii Vorobiov

In recent years, the world community and especially developed countries have been constantly looking to find a balance between meeting the needs of the present generation and maintaining the necessary economic indicators for decent standards of living on one hand, and introducing some technologies and approaches to ensure and guarantee for future generations living conditions that are no worse than today. This balance consists in sustainable development, which is to protect future generations, and especially their right to a safe environment.

Artemii Vorobiov is a lawyer with the Greco Law Company

Legal Digest

The UJBL editorial team paid special attention to the main legislative initiatives at the end of 2021 and the beginning of 2022. Among the most important ones are the widely discussed Law No.1914-IX On Amendments to the Tax Code of Ukraine and Certain Legislative Acts of Ukraine on Ensuring Balance of Budget Revenue, previously known as Draft Law No. 5600, and Localization Law No. 1977-IX, which received very polarized feedback from experts. Other significant initiatives include Law No. 1974-IX regarding transparency in extractive industries and the initiative of the Government of Ukraine in the area of intellectual property rights (Draft Law. No. 6464).